IFA - How do I get true impartial advice?

Davidboy

Hi - This may be a very stupid question, but I have never sort the advice of an Independant Financial Advisor before, but I think it is about time I did. I have a second home so want advice etc.

My question is, how do I go about finding an advisor who will give the best advice. How do I know its the best advice. Is it worth it seeing a IFA. Is it expensive?

Any advice appreciated. Thanks


D

dragonsoup

Personal recommendation is by far the best way. Otherwise try https://www.unbiased.co.uk for a list of IFAs in your area. In my opinion there is no substitute for an IFA.

Make sure you are seeing an IFA ( "whole of market" not a multi tied agent). Most IFAs will give you the choice of fee based advice, commission based or a mix of the two.

dunstonh

IFA's have to be whole of market, they cannot be anything else. Multi-tied agents will not be listed at unbiased.co.uk. Some multi-tied advisors try to pass themselves off as IFAs but if you check the initial disclosure document, it gives three options listing whole of market, limited number of insurers and tied to a single company. The whole of market box has to be ticked and not the other two. This should be the second document given to you after the business card.

Word of mouth is the best way to get a good IFA. Very much the same way you get a good person in any trade.

Most IFAs will give you the choice of fee based advice, commission based or a mix of the two.

All IFAs, not most. It became a legal requirement from July whereas before that it was optional.

Robert_Sterling_3

Davidboy wrote:

My question is, how do I go about finding an advisor who will give the best advice. How do I know its the best advice. Is it worth it seeing a IFA.
Is it expensive?
D

We have not yet had an answer to this question.
Perhaps that is because "Expensive" is a subjective quality.

E.G. Is an expensive bottle of wine

a) one costing Over £5
b) One costing over £10
c) One costing over £25
d) One Costing over £50
e) One you had at "Le Manoir Aux Quatre Saisons"

That being so perhaps an IFA would care to tell us what a typical fee for one hour might be.

Consider this:-

Suppose you asked a Solicitor "How can I reduce the Inheritance Tax that will be due after my death?"
She replied change ownership of your house from Joint Tenants to Tenants In Common and that will save £100,000 in Inheritance Tax if you make appropriate arrangements in your will.

It took the Solicitor a minute to answer.

What would be a reasonable fee for this 1 minute of work?